Vietnam: Industrial output growth eases to 10-month low in November
Industrial production increased 10.4% year on year in November (October: +16.5% yoy). November’s result marked the worst reading since January. The notable downturn came due to a steeper contraction in energy production, as well as slowdowns in manufacturing and mining and quarrying output. Of the key subsectors, manufacturing growth remained by far the strongest, supported by the countrys attractiveness as a low-cost manufacturing base for foreign firms—particularly those looking to diversify supply chains away from China.
Meanwhile, the trend improved sizably, with the annual average growth of industrial production coming in at 16.0%, up from October’s 15.3%.